More reform, internationalization needed: experts
Reform and opening-up are the key measures for controlling systemic financial risks in China, Zhou Xiaochuan, governor of the People's Bank of China, said in an article published by the People's Daily on Wednesday.
As competition will increase industrial optimization, China should continuously expand the opening-up of the finance sector, Zhou said, adding that China's monetary policy and financial regulatory system has gained more capability to prevent systemic risk.
Regulatory departments are taking a series of measures to curb risks in China's financial sector.
Starting from Tuesday, approval for new online micro lenders has been suspended across the country amid rising concerns over the services, news site caijing.com reported on Tuesday.
At the National Financial Work Conference held in July, three tasks were highlighted - making the financial sector better serve the real economy, containing financial risks and deepening financial reform - said the Xinhua News Agency.
One of the difficulties China faces is that of managing its currency, and this can lead to other problems, Yu Xuejun, an official with the China Banking Regulatory Commission, said at a forum on Wednesday in Beijing, according to news site finance.sina.com.cn.
There are three main goals and visions for reform in the financial industry, Yu said. A strict and effective monetary management system must be built; the entire financial system needs to be more market-oriented and internationalized so as to improve efficiency; and the roles and responsibilities of financial regulation departments need to be more coordinated, Yu noted.
China will push forward reforms in the capital market, Zhang Shenfeng, assistant chairman of the China Securities Regulatory Commission (CSRC), told the same forum.
There will also be reform of the system of equity issuance and delisting, and the mechanism will be improved to guide various long-term funds to access the market in an orderly manner, Zhang said.
The CSRC will aim to develop institutional investors, while advancing work on the securities law as well as regulations for the management of private equity funds, Zhang said.